Sharing vision “PTT by PTT to enhance PTT as the nation’s energy company, a driving force shaping Thailand future through the use of advance technology and innovation, enhancing national competitiveness, contributing to society, and creating well–being of Thai people.
Today, (June 12,2020) – Mr. Auttapol Rerkpiboon, president and chief executive officer of PTT Public Company, revealed that the company is cognizant of COVID-19’s impact. The pandemic is affecting everyone and has disrupted many aspects of our lives in several dimensions. This crisis is not only about immediate changes, but it is transforming lives to a new normal. This wave of change is more than technological disruption; it leads to transformation in other areas, in terms of the economy, society, business, and consumer behavior. Therefore, these are the challenges for PTT and the nation to get through this difficult time.
PTT’s mission is to maintain its strength in core businesses along with initiating new businesses for growth. My anticipation is to lead the PTT group to be the nation’s energy company continuing on the role of ensuring energy security for Thailand and taking on the leading role in driving the future of Thailand through the use of advance technology and innovation in order to enhance national competitiveness, along with contributing to society and improving the quality of life of Thai people, as concept called “PTT” or “Powering Thailand’s Transformation
To achieve success, we add on the approach incorporating both ‘inside-out’ and ‘outside-in’ strengthening from inside and responding to customers and stakeholders’ needs. The PTT strategy together with PTT concept, so what is called “PTT by PTT,” features as follows:
P artnership and Platform: Emphasize on building business alliances and develop the PTT business platform beyond just typical producer and seller. PTT will attract expert alliances from abroad along with building collaborations with state enterprise, private enterprises, Thai entrepreneurs, SMEs, and Start-ups to drive value to customers. This is an initiative of a new business model and new ecosystem.
T echnology for all: PTT will be a fully digital enterprise with collaborative platform. The integration of know-how, innovation and digitalization will be applied in every dimension of business processes, including creating new business ecosystem, organizational management, and also creating value for society through social innovation.
T ransparency and Sustainability: The Corporate’s transparency and accountability is to be enhanced by creating a better understanding of Governance, Risk, and Compliance (GRC) to PTT employees. Also, PTT set sustainability as the business goal developing a sustainable business in economy, society, and environment aspects.
Besides PTT by PTT, PTT group also implies 4R’s to manage and mitigate impacts. First, Resilience is to create an immediate action to address challenges and ensure resilience by safeguarding employees, indicating stress tests, ensuring smart spending program, prioritizing CAPEX, developing group value chain optimization, ensuring liquidity and maintaining credit ratings. Next, Restart the business back to scale quickly and ensure competitiveness. Re–imagination by initiating and designing business models for opportunities of existing businesses and New S-Curve from Next Normal. Reform the organization structure to operate in any situation and assess business transformation readiness for regulatory and environment shift.
However, regarding the global economic impact of COVID-19 pandemic, PTT has adjusted its operation to cope with this pandemic by executing the cost control policy of “Decrease-Discard-Defer” to reduce unneeded activities, collaborate among the group for value chain optimization to manage price risk, demand, supply, and inventory, including maintain financial strength and stability to overcome this crisis.
“PTT continue to contribute to Thai society and improve quality of life of Thai people through PTT strategy focusing on collaboration within stakeholders networks and among PTT group to share expertise and utilize technology for sustainable development,” Mr. Auttapol said.
Mr. Auttapol Rerkpiboon has served as the 10th president and chief executive officer of PTT since May 13, 2020, as four-year terms, leading the business operation of PTT group, Thailand’s fully-integrated energy company. His determination and capabilities will lead PTT group and subsidiary companies to achieve the goal of success as a nation’s energy company. In addition, he is also taking into consideration of the fair transparency benefits of organization and stakeholders.